Pavna Industries Limited has entered into a joint venture agreement with SmartChip Microelectronic Corporation (SMC) Taiwan based Company, who will offer to undertake and carry on the business of inter alia making electronic components for the automobile industry (ICE & EV) and for other industries like hardware for cupboard/door locks etc. in residential/commercial industries, aero, medical etc.to Pavna.
Under the agreement, Pavna will bring its operational, manufacturing, and procurement expertise, as well as its deep understanding of the Indian automotive market, to oversee and manage the JV’s operations in India.
SMC will contribute its present and future technical skills, innovations, and R&D capabilities in automotive e-lock systems, EV components like Motor Controller, Throttle Body, Dashboard for 2W & 3W, EV charging piles, and e-locking solutions for residential and commercial applications. SMC’s engineering and product development expertise will ensure the JV remains technologically advanced and globally competitive.
Pavna Industries Limited will hold 80% equity in the JV, while SMC will hold 20%.
Commenting on same Mr. Swapnil Jain, Managing Director, Pavna Industries Limited, said "This strategic partnership is an important milestone on our path to emerging as a mobility solutions leader in advanced technologies. By merging Pavna's manufacturing and market capabilities with SMC's state-of-the-art electronics knowledge, we expect to speed up the penetration of EV technologies in India as well as grow into new high-growth markets. With this partnership, we will also further enhance our capacity to serve domestic and global markets with innovative, dependable, and sustainable solutions."
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